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What should we do if we discover more assets after probate is granted?
dominoman
Posts: 973 Forumite
We finally received our Grant of Probate today, 11 months after the death of my late father.
I was expecting the Grant to list out all the assets so that they can be transferred, but it is just a simple page with our executors names on it and the total estate.
What happens if we now discover any additional assets? We have already paid all the IHT due, but if we do discover a long lost bank account do we need to report that? If it's just a few quid I'd be tempted to ignore it and just use this grant of probate. Obviously if it's more than that we would tell HMRC and pay the tax but realistically this must happen quite often. Just wondering what people normally do in that case?
I was expecting the Grant to list out all the assets so that they can be transferred, but it is just a simple page with our executors names on it and the total estate.
What happens if we now discover any additional assets? We have already paid all the IHT due, but if we do discover a long lost bank account do we need to report that? If it's just a few quid I'd be tempted to ignore it and just use this grant of probate. Obviously if it's more than that we would tell HMRC and pay the tax but realistically this must happen quite often. Just wondering what people normally do in that case?
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Comments
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Precisely that: tell HMRC and pay the necessary tax.dominoman said:We have already paid all the IHT due, but if we do discover a long lost bank account do we need to report that? If it's just a few quid I'd be tempted to ignore it and just use this grant of probate. Obviously if it's more than that we would tell HMRC and pay the tax but realistically this must happen quite often. Just wondering what people normally do in that case?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
The grant and HMRC capital return are independent.
The Grant lets you deal with any asset.
HMRC will be interested if they are going to get more IHT, where no further IHT is due they won't care.0
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